Burkina Faso received nearly 30 billion FCFA (about $50 million) to produce fertilizers and process cotton, the Burkina Information Agency (AIB) reported.
These loans were granted by the West African Development Bank (WADB), the media said. The first loan, of 15 billion FCFA (around $25 million), is intended to finance a project to purchase and process 427,500 tons of seed cotton into fiber cotton, the outlet shared.
According to the media, the second credit amounts to 14 billion FCFA (about $23 million). It aims to strengthen the logistical capacities of the Burkina phosphate exploitation company (SEPB).
The latter will thus be able to purchase the raw materials necessary for the production of mineral fertilizer, accessible to small producers in the country, the report revealed.
Finally, a separate loan of 30 billion FCFA (about $50 million) granted by the WADB will reportedly finance the modernization of Burkina Faso's national road RN4 (Ouaga-Fada axis), including the track serving the country's Thomas Sankara University, the AIB noted.
Established in 1973, the West African Development Bank comprises Benin, Burkina Faso, Guinea Bissau, Côte d'Ivoire, Mali, Niger, Senegal, and Togo. In 2001, the bank revised its mission statement to focus on reducing poverty, improving economic integration in the region, and fostering private sector growth.